CCC Intelligent Solutions has reached a $730 million deal to acquire EvolutionIQ, a platform for AI-powered guidance in disability and personal injury claim management.
The acquisition is said to enhance CCC’s AI-powered SaaS offering and expand its market reach.
This move builds on the launch of CCC’s Intelligent Experience Cloud platform, which aims to deliver AI-powered workflows and new insights to more than 35,000 companies in its network.
The deal consideration will be a mix of approximately 40% CCC common stock and 60% cash, which will be paid via cash on the balance sheet and a $225 million term loan.
This transaction is expected to close in the first quarter of 2025, subject to standard closing conditions.
CCC obtained financial advice from JP Morgan and Citi on this deal, while Kirkland & Ellis and Lowenstein Sandler are legal advisors to CCC and EvolutionIQ, respectively.
This acquisition will integrate EvolutionIQ’s AI-driven claims guidance and intelligent summary capabilities into CCC’s suite of SaaS solutions to manage auto accident and personal injury claims annually on the CCC platform.
The EvolutionIQ team will join CCC and focus on growing their core markets with support from CCC’s operational infrastructure.
In addition, CCC has initiated a share repurchase program approved by the Board of Directors, with a maximum of $300 million, to be financed from available liquidity and free cash flow.
EvolutionIQ co-founder and co-CEO Michael Saltzman said: “Our unique team of world-class insurance experts, data scientists, engineers and customer success professionals have developed category-creating technology that has delivered tremendous value to our transportation customers and their employer policyholders. and claimants, all for the opportunity to accelerate the return to health.”
CCC Chairman and CEO Githesh Ramamurthy said: “The acquisition of EvolutionIQ adds proven, AI-powered personal injury resolution capabilities to our existing car accident product suite and accelerates CCC’s strategy to use real-world AI to solving the complexities of the broader insurance ecosystem.”
“CCC Closes Deal to Buy EvolutionIQ for $730 Million” was originally created and published by Life Insurance International, a brand owned by GlobalData.
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